Not only that, he owns a 2 laundromats, and a car wash and is looking to expand into storage units in 2021.Here is where it gets crazy for me, he told me that his wife does all the paperwork... and they do everything old school.

Property has gained in value but we are a wash with expenses and rental income.

You usually have the options to pay any shortage at the time you are notified and then your monthly payment is less (but in the end it is a wash - same dollars get paid).It's a normal thing that happens... but if you are not expecting it, it can be shocking.  

If so, was he/she willing to do so with no down payment?  

1) The best bang for your buck value add is adding in-unit laundry.

In all my house conversions I block the stairs, take out the 3 steps leading to the main floor and replace it with a stackable laundry for the upper unit.

The basics....White quartz counters, white shaker cabinets (lowes), SS appliances (I get from ABT great customer service), In unit laundry, refinish/stain the floors, light colored paint throughout, skim coat to make it all look new.

Does the manager cover the toilet paper, shampoo, laundry soap, chips, snacks, coffee, whatever else might be provided for guests or is that in addition to the management fee?

The marginal rate used should be the same, unless the law has changed, in both cases so that's a wash but as you mentioned above, you had the use of the money not paid in taxes over the years.A couple of notes to also consider; - Some expenses (e.g. new HVAC, computer) also have their own depreciation schedules.

The units will last longer that way and it mitigates bickering about laundry schedules, etc.